Chapter 3 example #69771

A market

The relationship between quantity supplied and price is ______, and the relationship between quantity demanded and price is ______

Steve went to his favorite hamburger restaurant with $3, expecting to buy a $2 hamburger and a $1 soda. When he arrived he discovered that hamburgers were on sale for $1, so Steve bought two hamburgers and a soda. Steve's response to the decrease in the price of hamburgers is best explained by:

Suppose that tacos and pizza are substitutes, and that soda and pizza are complements. We would expect an increase in the price of pizza to:

A recent study found that an increase in the federal tax on beer (which would increase the price of beer) would reduce the demand for marijuana. Based on this information we can conclude that:

An economist for a bicycle company predicts that, other things equal, a rise in consumer incomes will increase the demand for bicycles. This prediction is based on the assumption that:

The construction of demand and supply curves assumes that the primary variable influencing decisions to produce and purchase goods is

A leftward shift of a product supply curve might be caused by

An increase in the excise tax on cigarettes raises the price of cigarettes by shifting the: -demand curve for cigarettes rightward. -demand curve for cigarettes leftward. -supply curve for cigarettes rightward. -supply curve for cigarettes leftward.

In moving along a demand curve, which of the following is held constant?

In moving along a demand curve, which of the following is not held constant?

A shift to the right in the demand curve for product A can be most reasonably explained by saying that

Which of the following would not shift the demand curve for beef?

Which of the following would shift the demand curve for beef?

If there is a surplus of a product, its price:

Suppose product X is an input in the production of product Y. Product Y in turn is a substitute for product Z. An increase in the price of X can be expected to:

College students living off-campus frequently consume large amounts of ramen noodles and boxed macaroni and cheese. When they finish school and start careers, their consumption of both goods frequently declines. This suggests that ramen noodles and boxed macaroni and cheese are

Which of the following will cause the demand curve for product A to shift to the left -a decrease in the price of complementary product C -an increase in money income if A is a normal good -population growth that causes an expansion in the number of persons consuming A -an increase in money income is A is an inferior good

When the price of Nike soccer balls fell, Ronaldo purchased more Nike soccer balls and fewer Adidas balls. Which of the following best explains Ronaldo's decision to buy more Nike soccer balls?

If the demand curve for product B shifts to the right as the price of product A declines, then:

A _________ in the price of C will ________ the demand for complementary product D